New measures set to target money laundering

Ireland's Tánaiste Simon Harris has introduced new measures to combat money laundering and enhance transparency around beneficial ownership. Beneficial owners are the real individuals who control or own companies and legal entities, even if they are registered under different names or structures. The aim of these new measures is to facilitate legitimate stakeholders, such as journalists and academics, in uncovering the true owners behind companies, trusts, and financial instruments.

Under the new criteria, eligible parties can apply for access to specific information stored on Ireland's beneficial ownership register. These measures align with the EU's Sixth Anti-Money Laundering Directive. The government emphasizes that the efforts are part of a broader initiative to prevent money laundering, terrorist financing, and protect the country's financial system integrity.

Minister for Finance, Harris, highlighted that various stakeholders, including government, law enforcement, regulators, and the private sector, must contribute to this fight. He stressed that money laundering often involves proceeds from drug trafficking, fraud, human trafficking, and other serious crimes. Unmasking the flow of such funds is crucial for disrupting criminal networks.

However, access to beneficial ownership data will not be unrestricted. Applicants must meet specific requirements and provide evidence of their legitimate interest. The registrar will review applications and decide whether the statutory conditions for access are satisfied.